The sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF) has launched a company named Cruise Saudi, following the country’s aim to become a prominent tourism hub on the international cruise map.
The newly launched company targets to establish the cruise industry in the country and to support the Kingdom’s efforts to secure its position as a leading tourist destination. With this initiation PIF focus to boost the tourism sector in the country following the Saudi Vision 2030.
Cruise Saudi will form a strategic bridge between sea and land operations by developing several cruise ports and terminals in cities of the country, ensuring an integrated experience for visitors.
The launch of the company comes as part of the Public Investment Fund Strategy 2021-2025, which targets to unveil the capabilities of non-oil sectors following the Kingdom’s aim to diversify its revenue sources away from oil. PIF and its subsidiaries targets to contribute about $319 billion to non-oil GDP cumulatively within five years by stimulating growth opportunities for strategic and vital sectors in the country.
Headquartered in Jeddah on the Red Sea coast, Cruise Saudi will also collaborate with the relevant authorities on developing tourist destinations with the aim of introducing cruise itineraries, offering a unique experience for guests and creating opportunities to explore Saudi heritage and culture while ensuring the preservation of the natural resources.
With this new company, the PIF aims to benefit from the tourist attractions, as well as the Saudi historical and cultural heritage including UNESCO sites and the Kingdom’s distinctive natural destinations like the mountain and marine environments. Investing in tourism projects forms part of its strategy to develop promising sectors and achieve high returns in the medium and long-terms.